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EU mulls reduced fines for banks to conclude Libor probes

The antitrust wing of the European Union is keen on concluding its ongoing inquiries against at least a dozen banks and interdealer brokers over their roles in possible manipulation of the London interbank offered rate and other key interest rates, sources told The Independent on Friday.

It is understood that EU competition commissioner Joaquin Almunia wants to wrap up the probes before his term expires next year, by giving banks an opportunity to strike settlements involving reduced penalties.

Meanwhile, Almunia, in a speech, warned on Friday that “certain actors” in the derivatives market - including “banks and brokers" - might have “colluded” to engage in “anticompetitive” practices to rig inter-bank lending rates.